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The impact of big data predictive analytics on customer relationship management practices: Managerial Summary Essay Example

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The impact of big data predictive analytics on customer relationship management practices: Managerial Summary

These problems made the flexible digitally native companies be in a position to compete with the bigger companies that featured the analytical capabilities.The concept of big data predictive analytics helps in informing the strategic decision-making processes in organizations alongside allowing the organizations to have more efficient market automation. The three forms of CRM (strategic, operational and analytical) are becoming closely related.Walmart operates within a B2C market context within the retail industry. The company collaborated with a third party in its bid to develop a Customer Advantage program that offers insight into issues like what population purchases a particular brand, and what brand is more efficient in given geographical regions. Walmart leveraged big data solutions in order to process large data sets from different sources. The company used numerous source of information like transactions alongside shared data from partners plus retailers. Additionally, the company has acquired Kosmix, which provides analytical services on different social media platforms. This move has helped Walmart to gain additional data sources like discussion boards, blogs as well as pictures.The insights from the adopted solutions helped the company in a number of spheres like manufacturing, product development, procurement, marketing, distribution, operations, sales, merchandising plus human resources. In particular, Walmart was in a position to establish the marketing campaigns or promotions that would most effectively helping in spearheading customer engagement, traffic and sales basing on the customer attributes plus behaviors that were obtained using the implemented solutions. The information enabled the company to optimize the prices associated with the perishable goods. Consequently, Walmart was in a position to forecast the products with a higher likelihood of selling in particular stores. This brought about improved inventory and supply chain management, more so during the seasonal periods. As of 2013, the big data concept had allowed Walmart to attain a competitive edge, with the suppliers attaining a 5% increase in the web-based sales along with incremental revenue tuning to 1 billion USD (Romanov 2013).Amazon operates in a B2C context within the online retail industry. Earlier Amazon depended on the analytics staff to manually assign book

Bibliography

IBM. Fiserv (2012). Big data and Analytics. Retrieved from http://www.ibm.com/big

data/us/en/big-data-and-analytics/case-studies.html

Romanov, A. (2013). Putting a dollar value on big data insights. Retrieved December 28, 2014,

from http://www.wired.com/2013/07/putting-a-dollar-value-on-big-data-insights/

NASDAQ. (2014). AMZN Company Financials. Retrieved December 28, 2014, from

http://www.nasdaq.com/symbol/amzn/financials?query=income-statement

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preview essay on The impact of big data predictive analytics on customer relationship management practices: Managerial Summary
  • Pages: 11 (2750 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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